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Lubov Fominskaja [6]
3 years ago
7

You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the to

tal amount you paid for the loan? Item 17 You borrow $3750 to buy new fitness equipment.The simple interest rate is 2%. You pay the loan off after 4 years. What is the total amount you paid for the loan?
Mathematics
1 answer:
Alinara [238K]3 years ago
6 0
Provided the 2% interest rate. The interest itself over a period of 4 years, compounds to $300. Thus, the total interest plus the cost of the fitness equipment would be a total of, $4,050.
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